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Forward-Looking Statements, Oil and Gas Reserves and DefinitionsForward-Looking StatementsCertain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies,actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but arenot limited to, the following: the volatility of commodity prices for oil, natural gas liquids (NGLs) and natural gas; our ability to develop, explore for, acquire and replaceoil and gas reserves and sustain production; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations;any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; reductions in the borrowingbase under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipelinetransportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertaintiesinherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling andoperating risks; our ability to compete effectively against other independent and major oil and natural gas companies; our ability to successfully monetize select assetsand repay our debt; leasehold terms expiring before production can be established; environmental liabilities that are not covered by an effective indemnity orinsurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequatefinancial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeureevents; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations;changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to generaldomestic and international economic and political conditions; and other risks set forth in our filings with the U.S. Securities and Exchange Commission (SEC).Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC, including our Annual Report onForm 10-K for the year ended December 31, 2011. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only asof the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as aresult of new information, future events or otherwise.Oil and Gas ReservesEffective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves, but also “probable” reserves and“possible” reserves. As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Anyreserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves notnecessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure inPVA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is available from PVA at Four Radnor Corporate Center, Suite 200, Radnor, PA19087 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov.DefinitionsProved reserves are those quantities of oil and gas which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to beeconomically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulationbefore the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether theestimate is a deterministic estimate or probabilistic estimate. Probable reserves are those additional reserves that are less certain to be recovered than provedreserves, but which are as likely than not to be recoverable (there should be at least a 50% probability that the quantities actually recovered will equal or exceed theproved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable than probable reserves (there should beat least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possible reserve estimates). “3P” reserves referto the sum of proved, probable and possible reserves. Estimated ultimate recovery (EUR) is the sum of reserves remaining as of a given date and cumulative productionas of that date. 1

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PVA Overview• Small-cap domestic onshore E&P company • The past two years have been transformational, as we have diversified our portfolio towards oil and liquids • Very active in the Eagle Ford Shale oil play with excellent results to date • HBP natural gas reserves in East Texas, the Mid-Continent and Mississippi• Executing a strategy of growth in oil and NGL rich plays • Successful drilling results in the Eagle Ford Shale – 66 wells on-line (53 in Gonzales Co. and 13 in Lavaca Co.) • Adding to Eagle Ford drilling inventory • Successful exploratory results to date in Lavaca County • Continued lease acquisition activity • Strategy has resulted in significant growth in EBITDAX and cash operating margins• Focused on improving liquidity • Sold Appalachia (excluding the Marcellus Shale) for $100MM and eliminated $10MM per year dividend in 3Q12 • Received $32MM federal income tax refund in 3Q12 • Increased borrowing base by $70MM to $300MM in October 2012 • Sold $161MM of common and preferred equity in October 2012 • Oil production hedged from 4Q 2012 through 2014 at weighted average price of ~$100 per barrel • Recently added 2013 natural gas hedges 2

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Value Has Shifted to Oil • In mid-2010, PVA implemented a strategy to transition from dry gas to oil and liquids • Since then, the decrease in gas prices and increase in oil and liquids prices has shifted the market from a “6:1” to a “20:1” liquids-to-gas price environment (25:1 for oil) • Examining revenue growth by commodity type reveals PVA’s true growth in value Perception: “6-to-1” Equivalent Environment Reality: “20-to-1” Price Environment Gas Producer With Little to No Production Growth Oil/NGL Producer With Revenue Growth Pro Forma Production by Commodity Quarterly Revenue by Commodity MMcfe per day (1 Bbl = 6 Mcfe) Pre-Hedging; $MM 120 $90 100 $68 16% 80 45% 60 $45 84% 40 55% $23 20 0 $0 Oil NGLs Base NG Shale NG Oil NGLs GasNote: Pro forma production excludes contributions from South Texas and South Louisiana assets sold in January 2010, Arkoma Basin assets sold in 3 August 2011 and Appalachian assets sold in July 2012. Revenues are actual amounts received, prior to the impact of derivatives.

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Business Strategy • Continue our “Gas-to-Oil” transition • Grew overall oil/NGL production 246% to 8,523 Bbls/day from 2Q10 to 3Q12 − Up ~20% from 5,165 Bbls/day in 3Q11 − Oil / NGLs contributed ~55% of pro forma production and 84% of product revenues in 3Q12 − Daily oil production alone grew 34% from 3Q11 to 3Q12 • Eagle Ford position built from initial 6,800 net acres two years ago to 32,500 net acres currently(1) − Up to 342 total well locations, with up to 276 remaining drilling locations − Includes 117 down-spaced development and exploratory locations • Continue to expand oil and liquids reserves and drilling inventory • Continued leasing and expansion of Eagle Ford • Exploration of other oil prospects − New ventures team is assessing low-entry cost, high impact oil resource plays • Continue to grow oil and liquids production and cash flows • Eagle Ford drilling emphasis in 2012 and 2013, recently increased from 2 to 3 rigs • 35 to 40 Eagle Ford wells in 2013, slightly more than half of which will be Lavaca County • Continued focus on optimizing drilling and completion costs in the Eagle Ford • Continue to retain substantial gas assets for eventual price recovery • Haynesville Shale, Cotton Valley and Mississippi Selma Chalk are primarily HBP 14(1) Net acreage in Lavaca County is expected to increase due to non-consents by our partner on initial wells in 17 drilling units.